Tosyalı Holding, one of Türkiye’s leading steel producers, has submitted an offer to purchase Liberty Steel’s production plant in Dudelange, Luxembourg. The plant, which went bankrupt last December, is in the final stages of its sales process, and Tosyalı Holding is reported to be one of the two remaining candidates.
Sales Process and Offers
The deadline for submitting bids for Liberty Steel's Dudelange plant was February 14. Robert Fornieri, Deputy Secretary General of the LCGB Union, confirmed that Tosyalı Holding had made an offer, although the name of the other company has not yet been disclosed. The details of the offers are expected to become clear next week.
Tosyalı Holding’s Global Presence
With over 70 years of history, Tosyalı Holding operates more than 40 plants across three continents, employing around 15,000 people. The company produces approximately 10 million tons of steel and iron annually and ranks 82nd among the top 100 global steel producers. This acquisition is expected to significantly increase Tosyalı Holding's production capacity and market share in Europe.
Liberty Steel’s Financial Struggles
Liberty Steel purchased ArcelorMittal’s assets in Eastern Europe in 2019, but was unable to repay its 140 million euro debt. Following this debt crisis, a lawsuit was filed, and ArcelorMittal gained the right to sell Liberty Steel’s Eastern European division. Under EU competition laws, ArcelorMittal is not permitted to retain these facilities.
Final Decision by Government
The final decision regarding Tosyalı Holding's bid will be made by the Luxembourg Ministry of Economy. Government approval is required for the sale of the state-owned plant. After the sale, negotiations regarding the employment conditions of the workers are also expected to be on the agenda.
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